Inverted S Shaped Supply Curve
At very low wage levels the supply curve may also be curved backwards, creating an "inverted s" shape. In this case, further lowering wages will have the effect of increasing the supply of labor. This is explained by the fact that families have some minimum level of income needed to meet their subsistence expenditure requirement.
Read more about this topic: Backward Bending Supply Curve Of Labour
Famous quotes containing the words inverted, shaped, supply and/or curve:
“Ulysses ... is a dogged attempt to cover the universe with mud, an inverted Victorianism, an attempt to make crossness and dirt succeed where sweetness and light failed, a simplification of the human character in the interests of Hell.”
—E.M. (Edward Morgan)
“To rescue from oblivion even a fragment of a language which men have used and which is in danger of being lost—that is to say, one of the elements, whether good or bad, which have shaped and complicated civilization—is to extend the scope of social observation and to serve civilization.”
—Victor Hugo (1802–1885)
“Odors from decaying food wafting through the air when the door is opened, colorful mold growing between a wet gym uniform and the damp carpet underneath, and the complete supply of bath towels scattered throughout the bedroom can become wonderful opportunities to help your teenager learn once again that the art of living in a community requires compromise, negotiation, and consensus.”
—Barbara Coloroso (20th century)
“The years-heired feature that can
In curve and voice and eye
Despise the human span
Of durance—that is I;
The eternal thing in man,
That heeds no call to die.”
—Thomas Hardy (1840–1928)